Press release
Automotive Aftermarket Global Market 2024 - Tapping into Growth Opportunities, Exploring Top Countries, Analyzing Future Trends, and Projecting Revenue Outlook for 2033
Automotive Aftermarket Market
The Business Research Company presents an extensive market research report on the Automotive Aftermarket Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive aftermarket market size has grown rapidly in recent years. It will grow from $406.6 billion in 2023 to $470.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to global vehicle ownership growth, cultural shifts towards DIY maintenance, rise in independent repair shops, regulatory changes impacting repairs, vehicle customization trends.
The automotive aftermarket market size is expected to see rapid growth in the next few years. It will grow to $758.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to service-oriented offerings, adoption of advanced materials, digital transformation, vehicle electrification and hybridization, focus on sustainability. Major trends in the forecast period include rise in vehicle age, shift in consumer preference, environmental awareness and sustainable products, rising demand for vehicle accessories, innovation in replacement parts.
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Key Market Players:
Major companies operating in the automotive aftermarket market report are Royal Dutch Shell PLC, Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Magna International Inc., AISIN SEIKI CO. LTD., Minnesota Mining and Manufacturing Company, Faurecia SE, Valeo SA, Lear Corporation, Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Schaeffler AG, BorgWarner Inc., Adient plc, Adient plc, Dana Incorporated, Autoliv Inc., Magneti Marelli S.p.A., Mahle GmbH, DRiV Incorporated, Hella GmbH & Co. KGaA, Delphi Technologies PLC, Visteon Corporation, Garrett Motion Inc., Meritor Inc., Gentex Corporation, Exide Technologies Inc., Federal-Mogul LLC, Knorr-Bremse AG, Osram Licht AG, Veoneer Inc., WABCO Holdings Inc.
Market Drivers:
Increasing sales of pre-owned and new vehicles are driving the automotive aftermarket market. For instance, as of 2021, consumers' preference to purchase cars has almost reached pre-COVID-19 levels, mainly supported by demand in the United States and China, with new cars at 94% and used cars at 97% compared to pre-COVID-19 levels. In addition, there has been a significant increase in purchase intent for electric vehicles. So, the increasing preference for new and pre-owned vehicles is driving the demand for automotive aftermarket.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/automotive-aftermarket-global-market-report
The automotive aftermarket market covered in this report is segmented -
1) By Types: Tire, Battery, Brake Parts, Filters, Body Parts, Lighting and Electronic Components, Wheels, Exhaust Components, Turbochargers
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Certification Outlook: Genuine Parts, Certified Parts, Uncertified Parts
4) By Distribution Channels: Offline Distribution Channel, Online Distribution Channel
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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